Mervyns ceo resigns

HAYWARD, Calif. Rick Leto is resigning as ceo and chief merchandising officer of Mervyns, the company announced Tuesday. Chuck Kurth, cfo of the company, will serve as interim president and ceo until a permanent successor is found.

"Over the past three years, Rick has led Mervyns' transition as an independent company, positioning it for future growth," said board member Thomas Taylor who is leading the search. "Mervyns has successfully brought marketing to competitive levels, implemented a new suite of operating systems, and opened the first new stores in several years."

Commenting on the search for a new ceo, Taylor added, "Our goal is to have someone in place as soon as possible, but we are committed to taking the time necessary to find the most qualified person to lead Mervyns and take the company to the next level."